Grit Biotechnology Announces Closing Of $60 Million Series B Financing

On September 8, 2023, Grit Biotechnology, a pioneering cell therapy company, announced the successful completion of a Series B financing round, securing more than $60 million in funding. The investment round was spearheaded by CICC (China International Capital Corporation) and saw participation from several notable investors, including Qianhai Ark, Liando Group, Yuanhe Capital, HeFangTian Venture Partnership, as well as existing investors Sherpa Healthcare Partners, Decheng Capital, and Matrix Partners China.

Grit Biotechnology's primary objective in securing this substantial funding is to propel the development of its Tumor-Infiltrating Lymphocyte (TIL) pipeline. This includes advancing the pivotal Phase II clinical trial for GT101, one of the company's leading TIL therapy candidates. GT101 is currently regarded as the fastest-developing TIL therapy in China and is poised to enter its Phase II trial by the end of 2023.

At its core, Grit Biotechnology harnesses four essential technology platforms central to the development of TIL therapies: StemTexp®, StaViral®, KOReTIL®, and ImmuT Finder®, a genome-wide CRISPR/Cas9 screening platform. These innovative platforms have been instrumental in the creation of next-generation gene-edited TIL products.

One of the standout TIL products in Grit Biotechnology's portfolio is GT201, a genetically engineered TIL therapy designed to enhance T cell survival and function. This enhancement is achieved through the expression of a critical membrane-bound cytokine. GT201 surpasses conventional TIL therapies in terms of proliferation, tumor-killing capacity, and persistence while reducing the reliance on IL-2. The investigational new drug (IND) application for GT201 has received approval from the China Food and Drug Administration (CFDA) and has entered Phase I clinical trials.

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